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Vermont

Vermont is one of our smaller states as it consists of just 9615 square miles. In fact this makes it America’s fifth smallest state. It is also small in terms of population with just 625,741 residents. This ranks it as our second least populous state followed only by Wyoming.

As you might guess, the state’s labor force is also on the small side with just 294,090 workers. Of this total, 42,170 are employed in Office and Administrative Support occupations. Its second largest labor segment is Sales and Related Occupations with 28,430 workers. Education, Training, and Library occupations ranks third with 26,310 employees.

One small thing about Vermont that’s good is its unemployment rate of just 4.20%. This makes it almost three points lower than the current US unemployment rate of 7.3%. Home ownership in Vermont is high at 73.6% vs. the US homeownership rate of 65%.

Vermonters seem to be very responsible in the way they handle their credit cards as they have an average credit card debt of $4693 per borrower vs. the US average credit card debt per borrower of $5235. Plus, the state’s credit score averages 712. This would put it in the range of a “very good to excellent” credit score on the FICO credit score scale.

The state’s median household income is $55,582. This is more than $4000 higher than the US median household income of $51,017.

Vermont’s state slogan is “Freedom and Unity.” It could very well be “first in the nation,” as Vermont was the first state admitted to the union after our Constitution was ratified. Despite what you might think, Ben and Jerry’s is not Vermont’s largest employer. It is IBM. Ben and Jerry’s gives all of its waste ice cream to Vermont farmers who feed it to their pigs. It is said that the pigs like every flavor except Mint Oreo.

The state’s largest city is Burlington. Its population is 38,889.The second largest city in Vermont is Essex with a population of 18,626. And Rutland is third with a population of 17,292.
Burlington’s unemployment rate is 3.5% putting it in line with the state’s overall unemployment rate. Essex (or Essex Junction) is higher at 5.2% as is Rutland that has an unemployment rate of 5.0%.

Debt Relief Programs & Services in Vermont

Vermont Debt Negotiation Laws

There may be help available for those Vermont residents struggling with unsecured debts if you qualify. A good option is a credit counseling company. You can search for one here.

At the very least, allow us to provide you with the information that will help you learn about the best debt relief options in your state.

Credit card debt settlement is a way to reduce your debts with the creditor or collection agency to only pay back a fraction of the original amount owed. This method works because you pay less yet the creditor still recovers some of their loss.

However, you may not have to even apply for credit card debt settlement if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.

Debt Collection

(This is intended to be a helpful and informational debt resource for Vermont consumers and does not constitute legal advice.)

Vermont follows the set of laws that are collectively known as the Fair Debt Collection Practices Act (FDCPA).

  • Original creditor or creditor collecting own debt must comply with all the provisions of the FDCPA, except those provisions dealing with required disclosures. (For example, the original creditor does not have to verify the debt’s validity).
  • Original creditor and debt collector cannot:
    • Seek or obtain an affirmation of a debt that is not collectible (discharged in bankruptcy, expired statute of limitations, etc.) without clearly disclosing that the debtor is no longer legally obligated to pay the debt.
    • Claim it has something of value in its possession or important information in an attempt to lure the debtor.

Maximum Interest Rate a Collection Agency Can Charge in Vermont: 12%

Vermont Wage Protection: 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage, whichever is greater.

Statute of Limitations

A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in Florida but currently live in Vermont, the applicable statutes of limitations would be Florida’s). Oral Agreements: 6 years
Written Contracts: 6 years
Promissory Notes: 6 years
Open Accounts (credit cards): 6 years

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